I often think about how the pandemic changed businesses and in particular, how it has changed the customer experience in nearly all industries. We will all agree that customer experience in many businesses that we frequently visit has dropped to an all-time low. Whether it be customers, patients, clients, tenants, guests, or whatever you may call the person buying your services and products have been frustrated during these tough times. Even though the economy may be booming, business owners and leaders in my opinion have started taking shortcuts, solely focusing on sales and profit, transactions, reducing their hiring standards to fill positions because of rapid growth.
Many businesses expect and demand more of their employees including their front-line customer service representatives yet, not investing in the employee culture and customer experience. All of this caused employee burnout, low employee morale, lack of engagement, high turnover and a lot of frustration. Does that sound familiar or some of your struggles too?
However, by working with many of my clients, business owners and managers, there is evidence that they are finally realizing the critical importance customer experience is to customer retention, loyalty, referrals, sales growth, and employee opportunities. My clients who have invested in customer experience and leadership training have seen a rate of return on their investment and are paying off. More and more business owners and organizations are finally realizing that the customer experience they deliver is their biggest competitive advantage.
The key to building long-term success and customer loyalty is not through chasing price or luring new customers with salesy marketing strategies, or discounts, but rather it is time for you to focus on building a positive experience so engaging, so memorable, that your existing clients can’t stop talking about you to others.
Stop Competing in Price Wars and Start Competing in Experience Wars
You must decide where you want to compete—in the price wars or the customer experience wars. I love helping businesses to compete based on creating outstanding customer experience. You have to admit, there’s a lot less competition. Many times, when a customer complains about the price, it isn’t because they were not willing to pay for something; it is because the experience didn’t justify it or was just plain out poor. Price is something you offer when you have nothing else.
85% of consumers say they would pay 5 to 25 percent more if they received a better customer experience.
What Most Business Owners and Managers Get Wrong in Their Customer Experience Strategy
I am sure you would agree that the hospitality side (how our customers are treated and cared for) is just as important as the product, technical/operational side of what the customer receives. It is an enormous factor in creating customer loyalty. However, most company training contradicts this. You would never think of having an accountant, lawyer, nurse, doctor, hairdresser, or technician perform work without the proper technical training, certification, and licensing. Yet most companies have little too zero in customer experience and employee experience training.
Do you feel like your business is stuck?
Most businesses, just like yours, struggle to stand out in crowded markets. They pour time and resources into improving their product or service but neglect one of the most crucial aspects of their success: creating exceptional experiences for their customers and employees. Mostly, forgetting about investing in their people with effective training.
I understand how frustrating it can be when your business or company’s growth stalls, despite your best efforts. You deserve to see your business thrive by building strong, loyal relationships with your customers and team members. It is the key to your success.
Customers today are more selective than ever. The companies that win aren’t just offering great products or services—they’re delivering extraordinary experiences. But without a strategic approach, your business can’t meet this demand, and your growth stalls.
Your employees feel this, too. High turnover, low engagement, poor managers and misalignment within teams can erode your company culture and prevent your business from reaching its full potential.
There’s a better way.
Think about when was the last time or if ever you invested in your people, mastering your customer and employee experience. Are you frustrated with the lack of employee commitment, having to babysit your staff, poor communication, and customer complaints? Would you like your business or company to learn how to transform from a commodity to a brand or business that people trust and love. If so, I would love to help show you how. Contact John and let your “Magical Customer and Employee Experience Journey begin today! I promise you it will be “Magical!”
John Formica is America’s and Australia’s Customer Experience Coach, team culture experience expert, keynote speaker, and Top 10 Global Thought Leader and Influencer on Customer Loyalty. For information on customer experience programs, leadership training, team culture, business growth, how to find and hire great people and tailored training programs just for you or to book John to speak at your next event, contact 704-965-4090 or visit our website at JohnFormica.com.